Israel’s energy ministry has awarded Energean five offshore licenses to explore for oil and gas in the Mediterranean Sea, according to a news release.
The three-year licenses are for blocks 12, 21, 22, 23 and 31, which are all located near the Karish and Tanin gas fields Energean is working to develop.
Energean said it believes licenses awarded are “highly prospective and would benefit, in the event of any economic hydrocarbon discoveries, from being developed via tiebacks to the FPSO [unit] that Energean will construct for the development of the Karish and Tanin fields.”
The three-year licenses carry a possibility for an extension for another three years as long as the company carries out work and promises to drill. Reuters reported Energean was required to prove it had assets of at least $400 million and $100 million in shareholders’ equity as a condition for the licenses, to ensure it would search for oil and gas.
Recommended Reading
Western Midstream Offering Senior Notes for Meritage Acquisition
2023-09-28 - Net proceeds from the offering are expected to be used to fund a portion of the aggregate purchase price for Western Midstream’s pending $885 million acquisition of Meritage Midstream Services II LLC.
Ovintiv Renews Annual Share Buy-Back Program
2023-09-27 - Ovintiv received approval from the Toronto Stock Exchanged to purchase up to 26.7 million common shares, or about 10% of its public float, over a 12-month period.
Sitio Royalties Upsizes Senior Notes Offering to $600 Million
2023-09-27 - Proceeds from the notes offering will be used to pay down existing debt, Sitio Royalties said.
Former Chesapeake, SandRidge Exec Plans IPO for Anadarko E&P
2023-09-26 - Anadarko Basin E&P Mach Resources is planning an initial public offering, according to preliminary regulatory filings.
Standard Lithium Names New CFO, Chief Accounting Officer
2023-09-25 - Salah Gamoudi, one of Hart Energy’s 2022 Forty Under 40 honorees, previously served as CFO and executive vice president of SandRidge Energy Inc.